Do i need payment vouchers

Forum|Forum|4 years ago
April 8, 2022
2 replies
32 views

I got payment vouchers for business last year but not this year

TurboTax Online

Best answer by LeonardS

Generally, TurboTax will print out payment vouchers if you will need them. The program uses the information you input to determine the need for vouchers, so if there are substantial changes to income or expenses after your return is filed you may need to make estimated payments.

"... you must make estimated tax payments for the current tax year if both of the following apply:

You expect to owe at least $1,000 in tax for the current tax year after subtracting your withholding and refundable credits.
You expect your withholding and refundable credits to be less than the smaller of:
- 90% of the tax to be shown on your current year’s tax return, or
- 100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months.)Estimated payments are required if your unpaid tax liability at the end of the year exceeds $1,000" Ref: https://www.irs.gov/faqs/estimated-tax/individuals/individuals

This TurboTax link https://How do I make estimated tax payments? has information you may find useful.

LeonardSAnswer

Level 14

"... you must make estimated tax payments for the current tax year if both of the following apply:

You expect to owe at least $1,000 in tax for the current tax year after subtracting your withholding and refundable credits.
You expect your withholding and refundable credits to be less than the smaller of:
- 90% of the tax to be shown on your current year’s tax return, or
- 100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months.)Estimated payments are required if your unpaid tax liability at the end of the year exceeds $1,000" Ref: https://www.irs.gov/faqs/estimated-tax/individuals/individuals

This TurboTax link https://How do I make estimated tax payments? has information you may find useful.

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